Mammography AI company iCAD laid off 23 employees, representing 28% of its workforce, in a restructuring announced in late March 2023. The Nashua, N.H.-based medtech firm, which specializes in breast cancer detection and risk evaluation tools, made the cuts to reduce operating expenses following a 17% decline in quarterly revenue and a net loss. The layoffs, primarily in the cancer detection unit, coincided with leadership changes, including the appointment of a new CEO, and a strategic shift to focus solely on its AI detection business while exploring alternatives for its radiation therapy subsidiary. The company cited challenging industry and macroeconomic conditions as reasons for the reset.
